We have precious metals prices higher for the 3rd week in a row, with gold up 3% to $1,909, silver up 4% to $24.35, platinum up 6% to $1,100, and palladium up 8% to $2,442, against a backdrop of lower stock and cryptocurrency indexes.
The metals prices are mixed for the one year, with gold up 6%, silver down 12%, platinum also down 12%, and palladium up 3% for the past year.
We can expect a paper smash on the metals later today, as some options are expiring soon - especially surrounding gold. Silver is often affected also, as a frequent traveling companion. The last time we experienced this a few weeks ago, the paper target was below $1,850 for gold. This week the target is below $1,900 - so expect it to be hammered down below that over the next 24-36 hrs.
Beyond that, I believe fundamentals and the Russia/Ukraine conflict will return to the forefront. As we have mentioned before, even though these temporary paper smashes occur, they don't prevent the metals' long-term rise. This smash is centered around a strike price $50 higher than a few weeks ago and $600 higher than four years ago.